Good News for Las Vegas Strip Casinos May Be Bad News for You
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Inflation and gas prices will be a major consideration in most people's decision whether to travel this summer and for the Independence Day holiday.
A survey released on May 25 showed that 90% of people responding said gas prices and inflation would be a consideration on their decision to travel over the next three months, according to the American Hotel & Lodging Association.
On gas prices, 50% said it would be a major consideration, while 39% said inflation would have a major impact on their decision.
Of the 2,210 adults surveyed May 18-22, 32% said they plan to travel on the Fourth of July holiday weekend, while 27% will travel on the Labor Day holiday weekend.
Las Vegas Strip Banking on High Demand for Rooms
Las Vegas Strip hotel and casino operators, however, are banking on higher demand this year for rooms on Fourth of July weekend as a June 7 survey by Las Vegas Review-Journal shows a 60% increase in average daily room rate for July 2-5 compared to the same period in July 2021.
The survey of room rates for 83 properties listed on hotels.com showed an average price of a room on July 4th weekend at $201.92 a night, the Review-Journal reported, compared to an average daily room rate of $127.90 a night in July 2021 that was provided by the Las Vegas Convention and Visitors Authority (LVCVA).
The most expensive rate in the Review-Journal survey came from the two-bedroom Signature Suites at MGM Grand priced at $659 a night. Other resorts that are pricing rooms at over $400 a night include The Cosmopolitan of Las Vegas, Four Seasons and Nobu at Caesars Palace, The Venetian and Palazzo and the Wynn and Encore Las Vegas.
Inexpensive Rooms Can Be Found
Guests looking for a "gambler's special" can find some cheaper rooms under $100 at Circus Circus, Rio, El Cortez and at two Arizona Charlies. The least expensive hotel room in the survey was $48 a night at the Day's Inn Wild Wild West on Tropicana Avenue.
Average daily room rates on the Las Vegas Strip in April were $187.72, or 65% higher than the April 2021 rate of $113.77, according to LVCVA. Downtown Las Vegas ADR in April was much lower at $105.51 or 22.6% higher than $86.03 reported in April 2021
“The pandemic has instilled in most people a greater appreciation for travel, and that’s reflected in the plans Americans are making to get out and about this summer," Chip Rogers, president and CEO of AHLA, said in a statement. "But just as COVID’s negative impact on travel is starting to wane, a new set of challenges is emerging in the form of historic inflation and record high gas prices.
"We will be keeping a close eye on these issues and urging Congress and the administration to do the same in order to help ensure they don’t negatively impact hotels’ continued pandemic recovery,” Rogers said.
